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Gold/Mining/Energy : Eastfield Resources Ltd. -- Ignore unavailable to you. Want to Upgrade?

To: Eastfield Resources Ltd. who wrote (37)	5/7/1998 5:32:00 PM
From: Eastfield Resources Ltd.	Read Replies (1) \| Respond to of 59

News Release April 28, 1998 - Eastfield acquires an interest in Yukon exploration company. Diamond drilling program is planned for summer 1998 web page: direct.ca Subject to regulatory approval, Eastfield Resources Ltd. has agreed to purchase 689,401 shares (before giving effect to the March 27, 1998 1:2 share consolidation) of Alexis Resources Ltd., a private B.C. mining company, from a group of seed shareholders at arm's length to Eastfield, at an average price of $0.132 per share for aggregate purchase consideration of $91,050. Also subject to regulatory approval, Eastfield has agreed to subscribed for 500,000 post consolidated shares of Alexis capital stock at a price of $0.25 per share. Eastfield and Alexis have two common directors and one common officer. After these purchases, Eastfield will own 38.7% of the issued and outstanding shares of Alexis. Alexis has filed a prospectus for an initial public offering of its shares. If this offering is completed, Eastfield's shareholding in Alexis would be reduced to 21.6%. The proceeds of the private placement will be applied to working capital and to exploration of Alexis's Canadian mineral property, the Canadian Creek project. The property consists of 262 claims (approximately 16,000 acres) located 150 kilometres south of Dawson City, Yukon. Eastfield has a current exploration interest in porphyry deposits located in Western Canada and recently acquired the Fort Project in north central British Columbia. The Company believes that Alexis' Canadian Creek property has potential to host a large tonnage multi-element porphyry deposit and that a direct equity acquisition in Alexis gives Eastfield the most cost effective participation in that project. A $370,000 exploration program including 2000 metres of diamond drilling is planned for in the summer of 1998. For more information please call (604) 681-7913 or toll free 1-888-656-6611. J.W. Morton, P.Geo. President Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release